Putin's strategic goals for this war clearly require a puppet regime in Ukraine.
If the war ends with Ukraine ceding some land but staying independent and anti-Putin, then that might be a loss for Ukraine but it would also be a loss for Russia as the strategic outcome would be worse than the pre-war global status quo, as we're seeing a more unified and militarized Europe (Germany just anounced literally doubling its military budget), Finland+Sweden likely joining NATO. I.e. Russia winning a battle in this way doesn't seem to lead to Russia winning the strategic war.
If the war ends with Ukraine ceding some land but staying independent and anti-Putin, then that might be a loss for Ukraine but it would also be a loss for Russia as the strategic outcome would be worse than the pre-war global status quo, as we're seeing a more unified and militarized Europe (Germany just anounced literally doubling its military budget), Finland+Sweden likely joining NATO. I.e. Russia winning a battle in this way doesn't seem to lead to Russia winning the strategic war.